Jim Cramer: Forget Bank Earnings, Focus On Facebook

Thursday's trading session was dominated by some of the biggest banks reporting their quarterly results. But according to CNBC's Jim Cramer, JPMorgan Chase & Co. JPM and Citigroup Inc C's results show the banking sector has "come back to its senses" while Wells Fargo & Co WFC's report was a "wash-out quarter."

As such, investor attention should shift away from financials and into the social media space after Facebook Inc FB's announcement its Messenger app boasts 1.2 billion users. Cramer suggested that many investors who initially thought Messenger was a poor idea have now been proven wrong.

Facebook Versus Snap

Cramer also suggested that Facebook's continued success in its many different properties is proof that its CEO Mark Zuckerberg is a "titan" that loves to compete more than anybody else. In fact, Cramer added that Zuckerberg's appearance of not being a titan is a major advantage as fools' competitors into jumping to the wrong conclusion about his character.

"He wants to monopolize," Cramer said while jokingly adding that "Snap Inc SNAP would do better if they call the Justice Department."

Speaking of Snap, Cramer highlighted the fact that it will report its first ever earnings as a public company on May 10. He hinted that the earnings call could support a commonly held belief among investors that the company is "not as good as we thought because of Facebook." Related Links: JPMorgan Inches Higher On Q1 Beat A Look At Citigroup's Q1 Earnings Beat Wells Fargo's Revenue Miss Sends Stock Down